The board of directors of Abu Dhabi-listed Q Holding have approved the acquisition of companies and assets including stakes in Modon Properties and Abu Dhabi National Exhibitions Company (ADNEC) by issuing convertible bonds in an AED 25.6 billion ($6.9 billion) deal.

The holding company’s board agreed on Tuesday to acquire the entire shareholding of ADQ Real Estate and Hospitality Investments LCC and IHC Capital Holding in Abu Dhabi-based real estate developer Modon Properties PJSC, as well as the ADQ subsidiary’s shareholding in ADNEC.

Other acquisitions in the deal include Miza Investments LLC, Sahel 1 Restricted Limited, Sahel 2 Restricted Limited and Oryx Action Restricted Limited.

The deal also includes certain land plots, although locations were not specified in a disclosure to Abu Dhabi Securities Exchange (ADX).

The Q Holding board agreed to issue 25.6 billion mandatory convertible bonds worth AED 1 each , with AED 17 billion going to ADQ to Real Estate and Hospitality Investments convertible into 6.3 billion new shares in the capital of Q Holding and AED 8.5 billion in convertible bonds to IHC Capital Holding LLC convertible into AED 3.1 billion new shares in Q Holding.

The board also approved a special resolution to increase capital from AED 6.8 billion to AED 16.3 billion as a result of converting bonds to shares.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)